Listing ID: 80521
*****”Excellent” Opportunity for the right buyer. *****
This is a banner opportunity for the right buyer. One top-notch well-established restaurant! The restaurant is very much a part of the community!
– Upscale demographic
-Open for 10 Plus Years
-The Owner has spent over $240,000 renovating the space in 2018
-The restaurant sits 150 people
-The bar has 22 bar stools
-Excellent location (the area is growing 200% year over year)
-Turnkey operation (already profitable)
-Hours of operation (Mon-Sat from 5-10 PM)
-Owner is willing to help in any way during the transition
- Asking Price: $299,000
- Cash Flow: N/A
- Gross Revenue: N/A
- EBITDA: N/A
- FF&E: $150,000
- Inventory: N/A
- Inventory Included: N/A
- Established: N/A
- Property Owned or Leased:N/A
- Property Included:N/A
- Building Square Footage:6,000
- Lot Size:N/A
- Total Number of Employees:25
- Furniture, Fixtures and Equipment:N/A
Large facility, full kitchen with stone ovens. Everything in place.
Owner is International
Not much competition of this caliber (this is high end). There is a Ritz Carlton in the area. This is the only upscale authentic Italian Restaurant in Lake Oconee -Award-winning chef from Louisiana -Just applied for Award-Winning wine list (should be recognized in 2020) -Owner has 280 labels and $65,000 in inventory -Service is comparable to Ritz Carlton. The price has been reduced from $450,000 to $300,000. The business is open and back on track and doing fine with regard to COVID 19.
The business has 25 employees and is located in a building with disclosed square footage of 6,000 sq ft.
The building is leased by the business for $6,000 per Month
Why is the Current Owner Selling The Business?
There are all sorts of reasons individuals choose to sell businesses. Nonetheless, the true reason vs the one they tell you may be 2 absolutely different things. For instance, they may claim "I have a lot of various commitments" or "I am retiring". For numerous sellers, these factors are valid. However, for some, these may just be justifications to attempt to conceal the reality of altering demographics, increased competition, recent reduction in profits, or a range of other factors. This is why it is extremely crucial that you not depend completely on a seller's word, but rather, use the vendor's answer in conjunction with your overall due diligence. This will paint a more practical picture of the business's current situation.
Existing Debts and Future Obligations
If the existing entity is in debt, which lots of businesses are, then you will need to consider this when valuating/preparing your deal. Numerous companies take out loans so as to cover things like stock, payroll, accounts payable, so on and so forth. Bear in mind that occasionally this can mean that revenue margins are too small. Lots of companies come under a revolving door of taking on debt as a way to pay back various other loans. In addition to debts, there may also be future obligations to consider. There may be an outstanding lease on tools or the building where the business resides. The business may have existing agreements with vendors that need to be satisfied or might result in charges if terminated early.
Understanding the Customer Base, Competition and Area Demographics
How do operating businesses in the area draw in new customers? Most times, businesses have repeat customers, which create the core of their daily earnings. Particular elements such as brand-new competitors growing up around the location, roadway construction, and personnel turn over can impact repeat clients as well as negatively affect future incomes. One important thing to take into consideration is the area of the business. Is it in a very trafficked shopping mall, or is it concealed from the highway? Clearly, the more people that see the business regularly, the higher the opportunity to develop a returning client base. A last idea is the general location demographics. Is the business placed in a largely populated city, or is it located on the edge of town? How might the regional average house earnings effect future earnings potential?